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Accounts Payable 2020 Fiscal Year-End Checklist

As part of Accounts Payable's efforts to close accounting records efficiently for Fiscal Year 2020, information and deadline dates are outlined below.

Year-End Guidance

Now *

  • Review encumbrances now: Make sure all lines of the Purchase Order show fully invoiced. Purchase Orders are not to be closed unless there is an invoice posted. If the invoice has been satisfied with another method of payment, provide the payment information when requesting that Procurement Services close the purchase order.
  • Invoices for catalog (punchout) suppliers must be submitted electronically into the Smart Source system. If you do not see an invoice posted by June 23, 2020, submit a comment to acctpay in the Smart Source system under the Purchase Order number.
  • When sending a comment to Accounts Payable, search under the email or last name field. Put "acctpay" in the search field and select the email address Type in the comment, "Name of the supplier - Requesting Invoice." Accounts Payable will contact the supplier.
  • For non-catalog purchases, orders that are not showing fully invoiced, request an invoice from the supplier and have it sent to the Digital Mail room (EDM) The Purchase Order number is required on the invoice.
  • Recurring FY21 Payment: Create the purchase order now for FY21, and in the description field, type the word, "Recurring," which will alert Procurement Services to send a comment to acctpay. Accounts Payable will set up the recurring payments for FY21.
    • Remember: Recurring payments are only set up monthly or quarterly. The monthly or quarterly payment has to be the same each month or each quarter. Do not submit invoices for recurring payments each month or quarter. Payments will be scheduled to be issued seven business days prior to due date.
  • Please closely monitor your invoice approval queues to ensure timely handling of year-end invoices.
    • Remember: For Purchase Orders created with an accounting date of 7/1/20 or later, the system cannot process the invoice prior to 7/1/20. If the goods or services were delivered prior to 6/30/20, the invoice has to be recorded in FY20 with an accounting date of 6/30/20 or earlier. The invoice will have to be processed under a different form and the Purchase Order closed if payment is due prior to July.
  • Payments required in July cannot be issued until the encumbrance has rolled into FY21 after July 10, 2020. Expenses that are truly FY20 will be recorded in the Accounts Payable Accrual Entry Process.

June 29, 2020 * — Last Check Run FY20

  • The date of payment does not decide the fiscal year; the accounting date decides the fiscal year. A check request, confirming order or Purchase Order (with invoice) created with a date of 6/30/20 or less will post in FY20.
  • Invoices required to be paid before 7/1/20 for FY20 have to be issued prior to or in the June 29, 2020 check run.

July 1, 2020 * — First FY21 Check Run

  • Remember: Smart Source check requests and confirming orders for FY20 submitted Wednesday, July 1, 2020, must use the accounting date of June 30, 2020. For assistance on changing an order's accounting date, follow this PDF guideline. An order with an incorrect accounting date will require you to cancel and resubmit the order.

July 3, 2020 *

  • Invoices for goods and services rendered in FY20 must be received by the Digital Mailroom (DMR) at no later than Friday, July 3, 2020.
  • All invoices for FY20 payments processed on a Smart Source check request or confirming order submitted through Smart Source by Friday, July 3, 2020, must be dated no later than June 30, 2020.

July 8, 2020 *

  • Invoices in Smart Source approved by 5 p.m. on Wednesday, July 8, 2020, will post to FY20. Invoices approved after Wednesday, July 8, 2020, will post to FY21.

The full fiscal year 2020 processing schedule is available. View this instructional video — log in using your Drexel credentials.

Additional information is located on the Procurement Services and Comptroller websites.

Please contact with questions.

* In order to ensure that all invoices and check requests are processed before the end of the fiscal year, we are requesting they be submitted by the dates listed. Invoices and check requests submitted after these dates may still be processed before the end of the fiscal year; however, due to the increased volume during this time, Accounts Payable cannot guarantee they will be processed.